When Is it Sensible to Have a Contingency Plan?

A contingency plan is a plan you create in advance to help you deal with an unwelcome or unwanted outcome that might occur.

Why would you want one? - So that you can minimise or manage effectively the problems that might arise if the unwanted outcome occurs!

When is it sensible to have one? - Generally, it is sensible to create a contingency plan where the downside of the potential outcome is very high (even if the risk is quite low). Thus relevant agencies will (or should!) have in place contingency plans to help cope with unexpected but possible natural disasters such as floods or fires. On a personal level you might have a contingency plan if you are embarking on setting up your own business and know that if it fails it would be wise to have something to fall back on.

At the link below you can find some suggestions I would make regarding making a risk assessment and risk management plan if you are thinking of making a big career change:

Career Change - Managing the Risk

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